Superior Group of Companies Inc (SGC) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Superior Group of companies first quarter 2026 conference call. With us today are Michael Benstock, Chief Executive Officer; and Mike Koempel, President and Chief Financial Officer; Jake Himelstein, President of the company's Branded Products segment will join today's call for the Q&A session.

早安，歡迎參加 Superior Group of companies 2026 年第一季財報電話會議。今天與會者包括執行長 Michael Benstock；總裁兼財務長 Mike Koempel；以及公司品牌產品（Branded Products）事業部總裁 Jake Himelstein，他將在今日的問答環節加入本次電話會議。

As a reminder, this conference call is being recorded. This call may contain forward-looking statements regarding the company's plans, initiatives and strategies and the anticipated financial performance of the company, including, but not limited to, sales and profitability. Such statements are based on management's current expectations, projections, estimates and assumptions. Words such as expect, believe, anticipate, think, outlook, hope and variations of such words and similar expressions identify such forward-looking statements.

提醒各位，本次電話會議將被錄音。本次電話會議可能包含有關公司計畫、倡議與策略，以及公司預期財務表現（包括但不限於銷售與獲利能力）的前瞻性陳述。此類陳述係基於管理層目前的預期、預測、估計與假設。例如 expect、believe、anticipate、think、outlook、hope 等字詞及其變化形式與類似表述，均用以識別此類前瞻性陳述。

Forward-looking statements involve known and unknown risks and uncertainties that may cause future results to differ materially from those suggested by the forward-looking statements. Such risks and uncertainties are further disclosed in the company's periodic filings with the Securities and Exchange Commission, including, but not limited to, the company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

前瞻性陳述涉及已知與未知的風險與不確定性，可能導致未來結果與前瞻性陳述所暗示者存在重大差異。此類風險與不確定性已在公司向美國證券交易委員會（SEC）提交的定期申報文件中進一步揭露，包括但不限於公司最近一期的 Form 10-K 年報與 Form 10-Q 季報。

Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements made herein and are cautioned not to place undue reliance on such forward-looking statements. The company does not undertake to update the forward-looking statements except as required by law.

敦促股東、潛在投資人及其他讀者在評估本文所作之前瞻性陳述時審慎考量上述因素，並提醒勿對此類前瞻性陳述過度依賴。除法律要求外，公司不承擔更新前瞻性陳述之義務。

And now I'll turn the call over to Michael Benstock.

接下來我將把電話會議交給 Michael Benstock。

Thank you, operator. Good morning, and thanks, everyone, for joining us. We had a good start to the year. First quarter revenue was up 3%, gross margin rate improved by 30 basis points. SG&A came down as a percent of sales by nearly a full point, and EBITDA increased to $4.8 million from $3.5 million last year.

謝謝接線員。早安，也感謝各位今天加入我們。我們今年開局良好。第一季營收成長 3%，毛利率提升 30 個基點。SG&A 佔銷售比重下降了將近 1 個百分點，EBITDA 由去年同期的 350 萬美元增加至 480 萬美元。

EPS was $0.06 compared to a $0.05 loss in the first quarter of 2025. What I'm pleased with is that the improvement didn't come from just one place. We saw progress across the business, and that tells us the work we're doing is starting to show up in a meaningful way.

每股盈餘（EPS）為 0.06 美元，相較於 2025 年第一季每股虧損 0.05 美元。令我欣慰的是，改善並非僅來自單一面向。我們在整體業務上都看到進展，這告訴我們正在進行的工作開始以有意義的方式展現成果。

The environment is still uncertain, including the added uncertainty around the Iran conflict, but we're staying focused on execution, and we're encouraged by what we're seeing. Overall, the company is in a strong position. We have a broad business mix, good customer relationships and supply chain flexibility. Those are all important in a market like this, and that gives us confidence in our underlying strategies.

外部環境仍具不確定性，包括伊朗衝突所帶來的額外不確定性，但我們仍專注於執行，且對目前所見感到鼓舞。整體而言，公司處於強勢位置。我們擁有多元的業務組合、良好的客戶關係與供應鏈彈性。在這樣的市場環境下，這些都很重要，也讓我們對核心策略更具信心。

Starting with branded products, which is our largest segment, revenue grew 5% year-over-year for the second quarter in a row, driven by volume gains within existing customer accounts. We also improved gross margin and held SG&A near 27% of sales, which helped EBITDA grow nicely versus last year. Our pipeline and backlog remains strong, and we'll keep investing in sales talent and technology to support growth in this part of the business.

先從品牌產品（Branded Products）談起，這是我們最大的事業部，營收年增 5%，連續第二季成長，主要由既有客戶帳戶內的出貨量提升所帶動。我們也改善了毛利率，並將 SG&A 維持在接近銷售額的 27%，使 EBITDA 較去年明顯成長。我們的商機管線與在手訂單仍然強勁，我們將持續投資銷售人才與科技，以支持此業務的成長。

Moving to health care apparel, I want to welcome Chris Hein, who recently joined us as President of that segment. Chris has deep multichannel apparel experience and a strong history of building successful teams and driving results. We're excited to have him with us and look forward to what he brings to the business. In health care apparel, revenue grew 5% versus last year's first quarter.

接著談醫療保健服飾（Health care apparel），我想歡迎 Chris Hein，他近期加入我們並擔任該事業部總裁。Chris 具備深厚的多通路服飾經驗，並在打造成功團隊與推動成果方面有優異的過往紀錄。我們很高興他加入，也期待他為業務帶來的貢獻。在醫療保健服飾方面，營收較去年第一季成長 5%。

That was driven by volume growth in existing wholesale accounts and continued progress in direct-to-consumer. Mike will discuss in more detail our lower EBITDA for the quarter. We continue to see good potential in the segment and are focused on improving execution from here with new strategies and leadership in place.

這主要由既有批發客戶帳戶的出貨量成長，以及直面消費者（DTC）業務的持續進展所帶動。Mike 將更詳細說明本季 EBITDA 較低的原因。我們仍看好該事業部的潛力，並在新策略與新領導團隊到位後，專注於從現在起提升執行力。

Turning to contact centers. Revenue was down 8% versus the first quarter of 2025, mainly because of prior year client attrition. On the other hand, revenue did improve sequentially from the fourth quarter, helped by existing customer expansion. The opportunity pipeline is still at a historical high. And with easier comparisons ahead, we're focused on converting the pipeline into year-over-year growth.

再來談聯絡中心（Contact centers）。營收較 2025 年第一季下滑 8%，主要因為去年客戶流失。另一方面，營收較第四季呈現季增，受惠於既有客戶擴張。商機管線仍處於歷史高位。在接下來比較基期更容易的情況下，我們將專注把管線轉化為年對年成長。

We also made real progress on the cost side with SG&A down more than 200 basis points as a percent of sales compared to the year ago quarter. This reflects the benefits of last year's cost reduction work, including our continued focus on implementing AI and other technologies. As a result, Contact centers EBITDA was down only slightly year-over-year, but the margin rate improved, which should help profitability going forward.

在成本面我們也取得實質進展，SG&A 佔銷售比重較去年同期下降超過 200 個基點。這反映了去年成本削減工作的效益，包括我們持續聚焦導入 AI 與其他技術。因此，聯絡中心 EBITDA 年對年僅小幅下降，但利潤率提升，這將有助於未來獲利能力。

We also maintained a strong balance sheet, which gives us the flexibility to keep investing where it makes sense while also repurchasing shares when we see the opportunity. So overall, this was a solid start to the year. We're encouraged by the progress we've made, and we think the work underway across the business is putting us in a better position as we move through the year.

我們也維持強健的資產負債表，使我們在持續於合理領域投資的同時，也能在看到機會時回購股票。總體而言，這是今年穩健的開局。我們對已取得的進展感到鼓舞，並認為全公司正在推進的工作，將使我們在今年後續進程中處於更有利的位置。

With that, Mike will walk you through the first quarter financial results, and then we'll open it up for questions.

接下來，Mike 將帶各位回顧第一季財務結果，之後我們將開放提問。

Thank you, Michael, and thanks, everyone, for joining us today. We grew consolidated revenue by 3% in the first quarter to $141 million. As we have mentioned before, our business is typically back-half weighted with sequential improvement through the year, and that's reflected in our 2026 guidance.

謝謝你，Michael，也感謝各位今天加入我們。第一季合併營收成長 3%，達 1.41 億美元。如同我們先前提到的，我們的業務通常呈現下半年權重較高、全年逐季改善的型態，這也反映在我們對 2026 年的指引中。

Looking at the segments, Branded Products, our largest segment, grew 5% year-over-year to $91 million. Health care apparel, our second largest segment, also grew revenue by 5% to $29 million. Contact centers revenue declined 8% year-over-year as anticipated to $22 million, but we did see improvement sequentially from the fourth quarter, and we expect that to continue as the year goes on.

從各事業部來看，品牌產品（Branded Products）作為我們最大的事業部，營收年增 5% 至 9,100 萬美元。醫療保健服飾（Health care apparel）作為第二大事業部，營收亦成長 5% 至 2,900 萬美元。聯絡中心（Contact centers）營收如預期年減 8% 至 2,200 萬美元，但我們確實看到相較第四季的季增改善，並預期隨著年度推進將持續改善。

Our pipelines remain solid, and we're continuing to invest in sales talent and marketing to support future growth. We expect all three segments to contribute to our growth trajectory in 2026. Our gross margin rate improved 30 basis points on a consolidated basis to 37.1% for the first quarter. Branded Products posted a gross margin of 34.1%, consistent with the fourth quarter but up 210 basis points from last year due to a weaker margin related to customer mix in the year ago period.

我們的商機管線仍然穩健，並持續投資銷售人才與行銷以支持未來成長。我們預期 2026 年三個事業部都將為我們的成長軌跡做出貢獻。第一季合併毛利率提升 30 個基點至 37.1%。品牌產品毛利率為 34.1%，與第四季一致，但較去年提升 210 個基點，原因是去年同期因客戶組合導致毛利率較弱。

The health care apparel gross margin rate was down 160 basis points to 35.6% mainly because of growth with lower-margin customers. The contact center's gross margin was 52.2%, down 140 basis points due to higher labor costs. SG&A as a percent of sales improved to 35.8% in the first quarter compared to 36.5% last year. Total SG&A expense for the quarter was $50 million including $1 million in severance costs and was essentially flat year-over-year despite our pipeline growth.

醫療保健服飾毛利率下降 160 個基點至 35.6%，主要因為低毛利客戶的成長所致。聯絡中心毛利率為 52.2%，下降 140 個基點，原因是人力成本較高。第一季 SG&A 佔銷售比重改善至 35.8%，相較去年為 36.5%。本季 SG&A 總費用為 5,000 萬美元，其中包含 100 萬美元的資遣費用；儘管我們的商機管線成長，年對年仍基本持平。

Our resulting first quarter EBITDA was $4.8 million, up from $3.5 million a year ago, with EBITDA margin improving 80 basis points to 3.4%. Net interest expense came in a little over $900,000 for the quarter, down from more than $1.2 million last year driven by our improved net debt position and a lower weighted average interest rate. All the factors that I just mentioned contributed to net income of about $800,000 in the first quarter versus a net loss of about $800,000 in the year ago period. Therefore, diluted EPS was $0.06 compared to a $0.05 loss per share last year.

我們第一季的 EBITDA 為 480 萬美元，較去年同期的 350 萬美元增加，EBITDA 利潤率提升 80 個基點至 3.4%。本季淨利息費用略高於 90 萬美元，較去年超過 120 萬美元下降，主要受惠於我們淨負債部位改善以及加權平均利率降低。我剛才提到的所有因素共同促成第一季淨利約 80 萬美元，相較去年同期約 80 萬美元的淨損。因此，稀釋後每股盈餘為 0.06 美元，去年則為每股虧損 0.05 美元。

On the balance sheet, we remain in strong shape with $23 million of cash and cash equivalents at the end of March. We generated more than $9 million of operating cash flow in the quarter on top of the $20 million we produced in 2025. Between cash on hand and availability under our revolver we have sufficient liquidity to support the business and return capital to shareholders.

在資產負債表方面，截至 3 月底我們仍維持強勁狀況，現金及約當現金為 2,300 萬美元。本季我們創造超過 900 萬美元的營運現金流，此外 2025 年我們也產生了 2,000 萬美元。結合手上現金與循環信貸額度下的可用額度，我們具備充足流動性以支持業務並回饋股東。

During the quarter, we paid $2 million in dividends and repurchased $700,000 worth of stock. We ended March with $9.4 million still available under our share repurchase authorization. To close, based on the solid start to the year, we're maintaining our full year guidance. We expect 2026 net sales of $572 million to $585 million and diluted EPS of $0.54 to $0.66. That would be meaningful improvement versus the $0.46 we generated last year. And as a reminder, we still expect results to be weighted toward the back half, similar to previous years, both for revenue and EPS.

本季我們支付了 200 萬美元股利，並回購了 70 萬美元的股票。截至 3 月底，我們在股票回購授權下仍有 940 萬美元可用額度。最後，基於今年良好的開局，我們維持全年財測不變。我們預期 2026 年淨銷售額為 5.72 億至 5.85 億美元，稀釋後每股盈餘為 0.54 至 0.66 美元；相較去年我們達成的 0.46 美元，將是顯著改善。另外提醒一下，我們仍預期營收與 EPS 的表現會偏向下半年，與往年類似。

With that, operator, Michael, Jake and I will be happy to take your questions.

接下來，接線員，Michael、Jake 和我很樂意回答各位的提問。

(Operator Instructions)

(接線員指示)

Michael Kupinski, Noble Capital Markets.

Michael Kupinski，Noble Capital Markets。

Yeah. First of all, congratulations on your good start to 2026. A couple of questions. I was just wondering in terms of just looking at branded products, given that we -- this is kind of an interesting economy where we're starting to see some layoffs, particularly in the restaurant industry. I was just wondering if you can talk a little bit about your weight towards that sector?

是的。首先，恭喜你們在 2026 年有個好的開局。我有幾個問題。我想就品牌產品來看，鑑於目前經濟情況有些特別，我們開始看到一些裁員，尤其是在餐飲業。我想請你們談談你們對該產業的曝險比重？

I know you have a few customers in that industry. If you could just talk a little bit about what you're seeing in terms of shifts in customer ordering behavior, things of that nature. Any signs of segments that are showing some strongest demand versus some that might not be in terms of softening and so forth. If you could just kind of give us some flavor of what you're seeing in branded products.

我知道你們在那個產業有幾個客戶。如果可以的話，請談談你們觀察到的客戶下單行為是否有轉變之類的情況。是否有任何細分市場顯示需求更強，或有些細分市場出現趨緩等跡象。請就你們在品牌產品方面看到的情況，給我們一些概況。

Hey, Michael, this is Jake Himelstein, Happy to answer that. We have a pretty diversified customer base. We are across a bunch of different industries. We don't have any concentration in any given industry. Certainly, right, the macro environment is a bit choppy.

嗨，Michael，我是 Jake Himelstein，很樂意回答。我們的客戶基礎相當多元。我們涵蓋許多不同產業。在任何單一產業都沒有高度集中。當然，宏觀環境確實有些波動。

But our activity remains really healthy. Our focus has been really execution-oriented this quarter. We've converted a lot of our RFP pipeline. We're ramping up new sales reps that we brought on and focused on growing existing accounts. There's areas certainly where things are softer, things are a little bit busier across clients, but it is so diversified across different industries that were pretty insulated to any given company or industry having layoffs or weaker sales.

但我們的業務活動仍然非常健康。我們本季的重點非常偏向執行面。我們把許多 RFP（提案邀請）管線轉化為訂單。我們也在加速新進業務代表的上手，並專注於成長既有客戶。確實有些領域較疲弱、有些客戶端則更忙碌，但由於跨產業分散度很高，我們對於任何單一公司或產業出現裁員或銷售轉弱的影響相對有防護。

So our pipeline has been really, really strong. Our RFP pipeline at the close of the first quarter was the strongest it's been in memory. And some of these opportunities will close out in the second quarter and beyond. So we're looking forward to seeing some of that activity come through in the rest of the year.

因此，我們的管線非常、非常強勁。第一季結束時，我們的 RFP 管線是記憶中最強的一次。其中一些機會將在第二季及之後結案。所以我們期待在今年剩餘時間看到部分活動逐步反映出來。

Yes. And on the contact center, it's good to see that sequential quarterly improvement there. Are we kind of like now kind of now that the pipeline is looking like it's improved now, are we likely to see further sequential quarterly improvement out of the contact centers.

了解。另外在聯絡中心業務方面，很高興看到季度環比的改善。既然現在管線看起來已改善，我們是否有望在聯絡中心看到進一步的季度環比改善？

Hi, Michael, this is Mike. Yes, that is, in fact, the case. We've seen the pipeline, just like Jake mentioned in branded products and contact centers is also very strong. It has been. We've really been working on conversion of that pipeline, and we have seen conversion up during the quarter.

嗨，Michael，我是 Mike。是的，確實如此。我們看到管線如同 Jake 在品牌產品提到的，聯絡中心這邊也非常強勁。一直都是。我們一直在努力提升管線轉換率，而本季也確實看到轉換率上升。

And so as I mentioned in my prepared remarks, we do expect sequential improvement. I mentioned that we did expect the comparison in the first quarter to be challenging. So that's not a surprise. But as I mentioned, we did have sequential improvement from the fourth quarter. So we're moving in the right direction.

因此，如同我在事先準備的發言中提到的，我們確實預期會有季度環比改善。我也提到第一季的同比比較會比較具挑戰性。所以這並不意外。但如我所說，我們相較第四季已有季度環比改善。因此我們正朝正確方向前進。

I'd say again, I'd say we're cautiously optimistic as we move forward. And also the comps as we move forward, get easier as well. So we would expect to see growth in the back half of the year for contact centers.

我會說，我們對後續發展抱持審慎樂觀。而且隨著時間推進，同比基期也會變得更容易。因此我們預期聯絡中心在下半年會看到成長。

Got you. And then last question, I know let others ask questions. I know in the past, you had mentioned that you felt like content centers looked like there were opportunities to make some acquisitions there. I was just wondering if you could just talk a little bit about the M&A environment, if there are other opportunities that have opened up to make acquisitions in other areas? Are you still focused on the contact centers at this point?

了解。最後一個問題，我就讓其他人提問。我知道過去你們曾提到，內容中心（content centers）看起來有一些併購機會。我想請你們談談目前的併購環境，是否也有其他領域出現可進行收購的機會？你們目前仍聚焦在聯絡中心嗎？

Hey, Michael, this is Michael Benstock. Yes. It's a very rich environment. There is a flurry of M&A activity happening across the entire industry, the consolidation of sorts of people who have embraced technology and people haven't. And the smaller centers are finding it very difficult to compete with the larger centers with respect to the investments they need to make in AI and other automation.

嗨，Michael，我是 Michael Benstock。是的。目前是非常活躍的環境。整個產業正出現一波併購活動，某種程度上是整併：一方是擁抱科技的人，另一方則沒有。較小的中心在 AI 與其他自動化所需投資方面，很難與大型中心競爭。

We, of course, were early adopters of a lot of AI. So we're small, but we're mighty. And I believe we're a great candidate for other centers to smaller centers to join us. At any given time, we're looking at a few opportunities. We're going to make sure it's the right one in the right geography and gets us to the right place.

我們當然是許多 AI 技術的早期採用者。所以我們規模不大，但實力強。我相信我們是讓其他較小中心加入我們的絕佳選擇。在任何時間點，我們都會評估幾個機會。我們會確保是正確的標的、在正確的地理位置，並能帶我們到達正確的目標。

It's never been a richer environment, sometimes that may be complicated because you have so many choices, but you should expect to see some movement on our part and keep in the next year or so. Keep in mind that we also are very disposed to having a center in a lower cost environment. And so it's a combination of a couple of things that we're looking for that in particular.

從未有過如此豐富的環境；有時候這也可能更複雜，因為選擇太多，但你們應該會在未來一年左右看到我們有所動作。也請記得，我們也非常傾向在較低成本的環境中設立中心。因此，我們特別在尋找的是幾個條件的組合。

Great. That looks great. Thanks, guys, and good luck for the rest of the year.

很好。聽起來很棒。謝謝各位，也祝你們今年剩餘時間一切順利。

Thank you, Mike.

謝謝你，Mike。

Jim Sidoti, Sidoti & Company.

Jim Sidoti，Sidoti & Company。

Hi, good morning. Thanks for taking the questions. So I just wanted to talk a little bit about health care apparel. I think you said you have a new leader for that division. You saw good top line growth there. Has there been a change in the strategy or some of the initiatives there?

嗨，早安。謝謝讓我提問。我想稍微談一下醫療保健服飾。我想你提到該事業部有一位新主管。你們那邊看到不錯的營收成長。那邊的策略或一些推動措施是否有改變？

Hi, Jim, this is Mike. There will be some shift of the strategy. Chris just joined us about late March. So as you can imagine, he's very early in terms of getting up to speed with the business. So [Crystal] is evaluating the business. And again, we would expect some changes in strategy as we move forward, and we'll certainly share more about that as he gets deeper into the business.

嗨，Jim，我是Mike。策略會有一些調整。Chris 大約在3月底加入我們。所以如你所想，他在熟悉業務方面還在非常早期的階段。因此，[Crystal] 正在評估這項業務。同樣地，隨著我們往前推進，我們預期策略會有一些變化；等他對業務了解更深入後，我們也一定會分享更多。

And branded products really kind of what the led the charge growth 5%, 200 basis point expansion in gross margin. Is this the start of a trend?

而品牌產品某種程度上帶動了成長：成長5%，毛利率擴張200個基點。這是趨勢的開始嗎？

I certainly hope so. Jim, this is Jake. We'd like to think that things are trending well, and it was a good first quarter, and we're starting to see the right things happening, right? we talked before about RFP activity being really strong and first quarter margins were strong, consistent with Q4 and up from Q1 last year due to some customer mix. But yes, it's been really strong, and we're happy with the efforts we're taking. I certainly hope so.

我當然希望是。Jim，我是Jake。我們希望事情正朝好的方向發展；第一季表現不錯，我們也開始看到正確的事情在發生，對吧？我們之前談過，RFP（招標/提案請求）活動非常強勁，而第一季毛利率也很強，與第四季一致，且因客戶組合因素較去年第一季提升。但沒錯，表現確實很強，我們也對正在採取的努力感到滿意。我當然希望是。

Let me just make one comment and add to that. For the last six years, we've been operating in this crazy uncertain environment, starting with a pandemic. And we've had to pivot so many times, whether it was supply chain issues, it was a pandemic. It was -- and it slightness over and over again, it was tariffs. It's all these other -- it's almost like we've gotten really great now operating in with all this uncertainty and maybe uncertainty is the new norm gen.

我再補充一句。過去六年，我們一直在這種瘋狂且不確定的環境中營運，從疫情開始。我們不得不多次調整方向，不管是供應鏈問題、疫情。一次又一次地，還有關稅。以及其他各種因素——幾乎可以說，我們現在已經非常擅長在充滿不確定性的情況下營運，也許不確定性就是新的常態。

And I think we're very, very good at operating during uncertain times better than a lot of our competition. So, we're welcoming the fact that there is uncertainty because we think we're better than other people in this environment. So time will tell.

而且我認為，我們在不確定時期的營運能力，比很多競爭對手都更好。所以我們反而歡迎不確定性，因為我們認為在這種環境下我們比別人更強。時間會證明一切。

And then the last one for me. On the tariffs, some other companies have reported they started to file for refunds. Is that something you're doing? And is that material for you?

最後一個問題。關於關稅，有些公司表示他們已開始申請退稅。你們也在做這件事嗎？對你們而言影響重大嗎？

Jim, we initiated the refund process like a lot of companies for certain applicable tariffs, not all tariffs stuff qualified under what I would call this initial round of applications. So the filing process has begun, but there's still a lot of uncertainty in terms of if and when we receive the refunds that we have applied for but, the timeline for filing refunds for those tariffs that didn't initially qualify a second phase, if you will, hasn't been defined or determined.

Jim，我們和許多公司一樣，已針對某些適用的關稅啟動退稅流程；但並非所有關稅都符合我所稱的第一輪申請資格。因此申報流程已經開始，但我們是否以及何時能收到已申請的退稅，仍有很大的不確定性；另外，對於一開始不符合資格、若你要說是第二階段的那些關稅，其退稅申請時程尚未被界定或確定。

So still a lot of uncertainty. I mean, we're certainly hopeful that we can successfully collect the refunds and we're going to -- we're obviously monitoring the situation very closely, and we'll do everything we can to collect. And we'll share more about that as we, again, get deeper into the year and have more certainty as to what that could look like.

所以仍然有很多不確定性。我的意思是，我們當然希望能成功收回退稅，我們也會——我們顯然會非常密切地監控情勢，並盡一切努力去收回。同樣地，隨著我們進入今年更後段、對可能的情況有更高確定性時，我們會分享更多。

All right. Thank you.

好的。謝謝。

Keegan Cox, DA Davidson.

Keegan Cox，DA Davidson。

Hey, guys. Thanks for the question. I just wanted to ask kind of where EPS came in versus your expectations. And I'm wondering if we can get any help on how we should expect it to flow through for the rest of the year.

嗨，各位。謝謝讓我提問。我想問一下 EPS 實際表現相較於你們預期如何。另外也想請你們協助說明，我們應該如何看待今年剩餘期間 EPS 的走勢。

EPS came in a little bit higher than we had expected. The -- there was, to some extent, some timing associated both on the revenue side within branded products. We had some revenue that came in earlier than we had originally planned. So that's going to be just, again, a timing shift between quarters to some extent.

EPS 比我們原先預期略高一些。其中——在某種程度上，品牌產品的營收端有一些時點因素。有部分營收比我們原先規劃更早入帳。因此這在某種程度上只是季度之間的時點移轉。

And then expenses were also favorable as well. Some of that is true reduction. Some of it is, again, going to be a shift between quarters. Again, like we had mentioned in our prepared remarks, we still expect a similar trend of progression of EPS growing throughout the year, still being back half weighted. Again, we're encouraged by the start, but it's only $0.06, then we have a lot more EPS to deliver the rest of the year. So that's why we feel comfortable with our guidance and again, expect to build with the back half to represent the majority of our earnings for the year.

另外，費用也較為有利。其中一部分是真正的降低。另一部分同樣會是季度之間的移轉。同樣地，如同我們在事先準備的講稿中提到的，我們仍預期 EPS 會在全年呈現類似的逐步成長趨勢，且仍將偏重下半年。我們對開局感到鼓舞，但這也只有 0.06 美元，接下來一年其餘時間我們還有更多 EPS 需要交付。因此我們對指引感到有把握，並再次預期下半年將貢獻今年大部分的獲利。

Got it. And my follow-up goes back to what Michael was talking about with the uncertainty you've seen in the past six years. obviously, the Strait of Hormuz, I have to ask if you guys are feeling any impact from higher oil costs, any impact from like freight surcharges or the like?

了解。我的追問回到 Michael 剛才談到的過去六年的不確定性。

We just had our team in China where we buy a lot of raw materials and that's the largest -- it's a very large portion of our costs. Certainly, we've all seen logistic costs rise. And we've also seen that -- but it wouldn't have impacted first quarter. Our inventory on the shelf was -- has been on the shelf long before the Strait of Hormuz were closed. But there's going to be continued pressure.

我們的團隊剛到中國，那裡是我們採購大量原物料的地方，而這是我們成本中最大——占比非常大的一部分。當然，我們都看到物流成本上升。我們也看到——但這不會影響第一季。我們架上的庫存——在荷姆茲海峽關閉之前很久就已經在架上了。但壓力會持續存在。

And we're working with our vendors to mitigate as much of that as possible. It's not enough that we would materially change our outlook for the year, but we're going to continue to monitor it. And we're putting in a lot of effort into our sourcing strategies as this pricing environment evolves. So stay tuned. Right now, I think we're in a pretty good position compared to our competition. And we'll have to adjust pricing as time goes on, if it has any kind of impact on us.

我們正與供應商合作，盡可能降低這些影響。目前還不足以讓我們對全年展望做出重大調整，但我們會持續監控。隨著這個定價環境演變，我們也在採購策略上投入大量努力。所以敬請期待。就目前而言，我認為相較於競爭對手，我們處於相當好的位置。若時間推進後對我們造成任何影響，我們也必須調整定價。

Got it. Thank you.

了解。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Michael Benstock for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Michael Benstock，請他做結語。

Thank you, operator, and thanks, everyone, for joining our call. As usual, we appreciate your interest in Superior Group Companies. We will keep you updated as we move through the year. Please don't hesitate to reach out with any additional questions, and we look forward to seeing many of you during the upcoming conference circuit.

謝謝你，接線員，也謝謝各位參與我們的電話會議。一如往常，我們感謝各位對 Superior Group Companies 的關注。我們會在今年推進過程中持續向各位更新。如有任何其他問題，請隨時與我們聯繫；也期待在接下來的會議行程中見到各位中的許多人。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。